nearly $110,000 in household income a year, making a FIND YOUR FEET: Strategy development is critical
profound difference in building and supporting families for women starting up their own company. Assembling a
in the community.
good team was a challenge encountered by 37 percent of
women founders. Other challenges include: finding the
Clearly, female founders are coming into their own. In tools to grow and manage their business (36 percent),
fact, the Visa study found that 79 percent of American competition (36 percent) and growing as quickly as they
women entrepreneurs feel more empowered now than need to (33 percent). Have a plan and pursue your vision.
they did five years ago.
GATHER CAPITAL TO INVEST IN YOUR
STILL, KEY CHALLENGES EXIST: 73 percent BUSINESS: Cash flow is the lifeblood of any business.
say funding does not come easily, and nearly 2/3 use their
own funds to get started. Assembling a good team, finding
the right tools and dealing with competitors are among
the biggest challenges keeping women entrepreneurs
up at night. Respondents cited profits and revenue growth as the top
two priorities for improvement. Thirty-two percent of
women would direct additional funding toward newer
technology.
For any entrepreneur, it can feel like there’s never enough
time or resources to grow a business. To help other
entrepreneurs and based on insights from the ‘State of
Female Entrepreneurship’ report, Visa polled four areas
women entrepreneurs focus on to turbocharge success: time is precious. Given the investment and high stakes
that come with the territory, it comes as little surprise
that a majority of women entrepreneurs (56 percent)
are putting in more work hours than before they started
their business.
PUT IN OVERTIME: When building a business,
FIND MENTORS: More than two-thirds said they
If you’ve joined the ranks of female entrepreneurs, find
wanted advice from fellow entrepreneurs. Relatable role support and resources by signing up for the Female
models and mentors are invaluable when you’re making Founder Collective, and visit She’s Next, Empowered by
the leap to starting or building your own business.
Visa where you can download and print a toolkit with
tips and advice to help build and sustain your company.
MARCH 2019
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WINTER GARDEN MAGAZINE |
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